Lenders have learned the value of creating payment options to suite an individual's needs and that means lenders today will even write biweekly loans for cars. But just how much money can you really save with a biweekly car loan? Our biweekly car loan calculator will show you exactly what you can expect in terms of real savings.
Calculator Definitions
The variables used in our online calculator are defined in detail below, including how to interpret the results.
The car loan amount is the net amount financed after subtracting out trade in allowances and down payments. This value is used as the basis for the monthly and biweekly car loan payment calculations.
Annual Interest Rate (%)
This is the annual interest rate on the auto loan. This is not the APR, which takes into account other costs associated with the loan.
Monthly Car Loan Payment ($ / Month)
This is the monthly payment necessary to repay the car loan over its lifetime. This calculator provides the user with two monthly loan payments - one for the standard financing arrangement and a second for your biweekly loan.
Biweekly Car Loan ($ / 2 Weeks)
With a biweekly car loan you are making payments every two weeks. But keep in mind that you are making 26 payments each year - which is more than 2 payments x 12 months. With this type of loan, your biweekly payment will be exactly half of your standard monthly payment.
Term of Standard Loan (Months)
This is the term, or length, of the standard loan, stated in months.
Term of Biweekly Loan (Months)
One of the advantages of biweekly car loan payments is the fact that making 26 payments a year will reduce the length of your loan. This portion of the calculator will tell you how long you have to make those biweekly payments before the loan is paid in full.
Biweekly Savings (Months)
This is how many months you save off your loan by switching to biweekly payments.
Total Payments ($)
The total amount paid to the bank or lending institution over the life of the car loan. Once again there are two values calculated, one for the standard loan and one for the biweekly auto loan.
Total Interest Savings ($)
This is the total value that a biweekly automobile loan delivers in terms of total interest charges for this loan. By choosing this type of payback arrangement, you are accelerating payments, shortening the term of the loan and thereby reducing the borrowing costs.
Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.
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